TriniTuner.com  |  Latest Event:  

Forums

CEMEX makes takeover bid for TCL

this is how we do it.......

Moderator: 3ne2nr Mods

mitch1980
3NE2NR is my LIFE
Posts: 824
Joined: June 5th, 2007, 3:33 pm
Contact:

CEMEX makes takeover bid for TCL

Postby mitch1980 » December 5th, 2016, 9:14 am

http://www.guardian.co.tt/news/2016-12- ... er-bid-tcl

Cemex makes takeover bid for TCL




Anthony Wilson
Published:
Monday, December 5, 2016

Mexico’s cement giant, Cemex, this morning announced that it will be making a takeover bid for Claxton Bay-based Trinidad Cement Ltd.

Cemex, through one of its indirect subsidiaries Sierra Trading, is looking to acquire 132,616,942 shares at a price of $4.50 in cash per TCL share.

The proposed offer price represents a 33.13 per cent premium over TCL’s price of $3.38 at the close of trading on Friday.

Cemex currently owns 39.5 per cent of TCL, which announced at the end of October that its revenue had declined by 12.2 per cent for the first nine months of 2016, which it said had been caused by a "precipitous fall in construction activity in Trinidad and Tobago."

User avatar
cornfused
30 pounds of Boost
Posts: 2544
Joined: May 1st, 2003, 9:09 am
Location: utilizing FIFA rules in small goal

Re: CEMEX makes takeover bid for TCL

Postby cornfused » December 5th, 2016, 12:00 pm

It was only a matter of time ,there was a 6.5 per cent increase in 2008 and also in 2009. There was a 7 per cent increase in December 2011 and a 9.5 per cent increase in 2013. What all investors want to see is profit. With a monopoly on the local market its was just that . Lets see how this goes .

Redman
TriniTuner 24-7
Posts: 10430
Joined: August 19th, 2004, 2:48 pm

Re: CEMEX makes takeover bid for TCL

Postby Redman » December 5th, 2016, 12:48 pm

This was expected a while now.
Did the Exchange respond?


http://www.newsday.co.tt/business/0,206916.html


SEC looking at TCL complaint

Friday, February 13 2015

SECURITIES and Exchange Commission (SEC) chairman, Professor Patrick Watson, yesterday said the Commission is looking into a formal complaint made by former Trinidad Cement Limited (TCL) CEO Dr Rollin Bertrand into the conduct of the company’s chairman and board at a special shareholders meeting on Monday at the Hilton Trinidad.

Watson confirmed to Newsday that the Commission is in receipt of the complaint sent to him by Bertrand on this matter. However Watson said the Commission has not made any determination about the matters which Bertrand has raised or taken any decision as to what action it would take.

“We have to look at it,” Watson said. He added that once the SEC examines the matters raised by Bertrand in his complaint, the Commission will correspond with him accordingly.

In his letter to Watson, dated February 11, Bertrand based his complaint on three grounds. The first was his claim of a “lack of information and shareholders being muzzled.” Bertrand, who attended Monday’s meeting, indicated that while he was in a unique position to be able to criticially assess TCL’s future plans, other shareholders were not.

He claimed that shareholders were only given two to three minutes to speak on the issues before a vote was taken on a resolution to remove the 20 percent limit on shareholding. Betrand’s second concern was about shareholder approval being required for the board’s actions. On this issue, Betrand claimed the TCL board was “clearly giving preferential treatment to its largest shareholder, Mexican company Cemex.

Thirdly, Betrand complained that the current TCL board has too many directors “who are closely connected with Cemex.” Noting that Cemex has been selected to underwrite the proposed Rights Issue but it is unclear if this selection was the result of any type of competitive process, Bertrand said, “It seems that the consideration for this is that Cemex be granted the right to own a minimum of 35 percent of the company, yet one has to question the Board’s power to enter into such an agreement without shareholder approval.”

Asking whether these were “arms length transactions” and did Cemex directors on the board recuse themselves when these decisions were being taken, Bertrand charged that the current TCL board is treating its shareholders like “a rubber stamp.”

Saying that the TCL Board has announced that it is trying to get the regulators to waive Cemex’s obligation to get the regulators to waive Cemex’s obligation to make a mandatory offer to remaining TCL shareholders on passing the trigger of 30 percent shareholding in the company, Bertrand said, “Yet when shareholders are called to a meeting, the Chairman seems to want to take out his personal animosity against former directors and deny their right to speak.”

Bertrand further observed that apart from governance issues, Cemex is “an organisation in dire financial troubles.” He said Cemex has recorded losses of US$5.3 billion in the last five years (2010 to 2014) and has not paid a dividend since 2008.

Alleging that Cemex has had a worse financial performance than the previous “and much maligned” board of TCL, Bertrand said the current TCL board seems to have “thrown governance to the wind and is playing out its agenda to hand TCL over to a company that itself could collapse financially in the near future.

User avatar
Cantmis
punchin NOS
Posts: 2942
Joined: June 16th, 2010, 11:03 am
Location: 10° 10' N, 61° 40' W

Re: CEMEX makes takeover bid for TCL

Postby Cantmis » December 5th, 2016, 2:25 pm

Cemex inside long time !

User avatar
SUPAstarr
punchin NOS
Posts: 3074
Joined: January 31st, 2005, 12:46 pm
Location: STAMINA STAMINA STAMINA STAMINA
Contact:

Re: CEMEX makes takeover bid for TCL

Postby SUPAstarr » December 5th, 2016, 8:07 pm

Isn't this like the 3rd time they tryin to take over?

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8473
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: CEMEX makes takeover bid for TCL

Postby The_Honourable » January 25th, 2017, 9:30 pm

Cemex increases its stake in TCL

At the close of the offer period for the purchase of shares in Trinidad Cement Limited (TCL) by Mexican cement giant Cemex yesterday, there had been sufficient acceptances from shareholders to increase the Mexican cement giant’s stake in the local company to 67.39 per cent.

In a release yesterday afternoon, Cemex said its indirect subsidiary, Sierra Trading, intends to take up all TCL shares deposited up to a maximum of 132,616,942 shares. At the 3 pm close of the offer period in T&T yesterday, shareholders had deposited approximately 104,500,000 shares.

The company said if the number of TCL shares deposited exceeds the offered shares, the shares will be taken-up by Sierra on a pro-rated basis. It said Sierra expects that TCL shares deposited by shareholders in T&T to be taken-up by January 31.

The total number of tendered shares will be announced by Sierra upon the close of the offer period in all jurisdictions. The offer remains open until February 7.

As of yesterday, the total consideration to be paid by Sierra for the TCL shares it will take up pursuant to the offer was approximately US$79-4 million but this is likely to increase once the final tally of shares deposited is determined and the offer period closes in Jamaica.

Payment in respect of the shares taken up by Sierra is expected to be made in T&T or before February 3 at the rate of TT$5.07 or US$0.76, depending on the currency option selected by shareholders.

In Jamaica, it will be on or before February 21 at rate of TT$5.07 or US$0.76 or the Jamaican currency equivalent and in Barbados by February 23 based on the Barbados currency equivalent of TT$5.07.

Source: http://www.guardian.co.tt/business/2017 ... -stake-tcl

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8473
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: CEMEX makes takeover bid for TCL

Postby The_Honourable » January 25th, 2017, 9:31 pm

Cemex Takeover Bid For Trinidad Cement Successful

Cemex’s bid for Trinidad Cement Limited was taken up by shareholders in Trinidad & Tobago, giving the Mexican company at least 67.39 per cent control of the cement maker up to the closing of the offer on Tuesday.

The offer in Jamaica remains open until February 7 and did not factor into Tuesday’s tally.

Cemex, through subsidiary Sierra Trading, put in a bid for 132.6 million additional shares, with the intent of boosting its current 39.5 per cent stake in TCL to a maximum 74.9 per cent. The offer was priced at TT$5.07 per share, or US$0.76 per share, valuing TCL at TT$1.9 billion.

Cemex said it counted 104.5 million shares tendered up to Tuesday — the count is preliminary and subject to verification — and would be taking up other shares tendered to the maximum targeted. However, the take up so far is enough to give Cemex majority control of TCL and was also enough for the Mexican company to declare the offer “successful”.

Directors of TCL twice rejected the offer prices put on the table by Sierra — the initial offer on December 5 was TT$4.50 per share — saying they undervalued the company. Days before the offer closed, the directors indicated that a fairer price would be TT$5.89, which would value TCL at TT$2.2 billion.

The takeover bid was made in three markets. Payments for the shares will be made on February 3 in Trinidad, February 21 in Jamaica and February 23 in Barbados.

Source: http://jamaica-gleaner.com/article/busi ... successful

User avatar
The_Honourable
TriniTuner 24-7
Posts: 8473
Joined: June 14th, 2009, 3:45 pm
Location: In the Land of Stupidity & Corruption

Re: CEMEX makes takeover bid for TCL

Postby The_Honourable » January 25th, 2017, 9:33 pm

Business Watch: TCL chairman sells his 10 million plus shares to Cemex


User avatar
DVSTT
Trying to catch PATCH AND VEGA
Posts: 6759
Joined: November 28th, 2011, 9:11 pm

Re: CEMEX makes takeover bid for TCL

Postby DVSTT » January 25th, 2017, 10:48 pm

Chairman GT there.

User avatar
shake d livin wake d dead
TunerGod
Posts: 31605
Joined: July 20th, 2009, 1:25 pm
Location: all over

Re: CEMEX makes takeover bid for TCL

Postby shake d livin wake d dead » January 25th, 2017, 11:00 pm

So cement price going up or no

desifemlove
Trying to catch PATCH AND VEGA
Posts: 6964
Joined: October 19th, 2013, 12:35 am

Re: CEMEX makes takeover bid for TCL

Postby desifemlove » January 29th, 2017, 1:44 am

Ent highways being constructed, and HDC housing being installed? how come construction activity has fallen so fast?

But then sell, sell, sell. There have been so much issues with the firm of late over past few years, if i were a shareholder, i'll take the money and let the Mexicans/CEMEX handle it. If TCL is unionised, then this obviously is a factor but if it is i'm surprised none have balled yet.

Advertisement

Return to “Ole talk and more Ole talk”

Who is online

Users browsing this forum: pugboy, teems1 and 170 guests